NCUA Reports Loan Delinquencies Fall to Lowest Level in Eight Years
Federally insured credit unions relied more on lending and less on investments to generate income during the first quarter of 2015, the National Credit Union Administration reported yesterday.
"Credit unions are continuing to make the loans needed to grow local economies," NCUA Board Chairman Debbie Matz said. "As a result, their members are buying houses and cars, and they're paying for college to give young people a better start in life. At the same time, credit unions are curbing long-term investments. The switch from long-term investments to loans is decreasing interest-rate risk, a positive development for the credit union system as a whole."
Massachusetts credit unions voted in unanimous fashion to join forces with the credit unions of New Hampshire and Rhode Island in a merged credit union trade association. The result of that vote, together with similar votes taken earlier this month in New Hampshire and Rhode Island, means that the credit union Leagues in the three states will merge to form the Cooperative Credit Union Association.
The CFPB has finalized a rule allowing financial institutions, including credit unions, to post privacy notices online rather than in paper, if certain conditions are met. This rule simplifies notice requirements for institutions that limit their consumer data-sharing. This rule was proposed in May and generally supported by CUNA and the League; the rule will become effective upon publication in the Federal Register.
Credit unions are built on the time and effort of dedicated volunteers and professionals who work with the members' best interests at heart. In Massachusetts, New Hampshire, and Rhode Island there are many credit union leaders who have devoted many years to improving their individual credit unions as well as the larger credit union system.
Preparations for the 2015 CUNA Governmental Affairs Conference (GAC) are well underway. In addition to political advocacy, the program offers attendees networking opportunities, keynote speakers, industry-focused breakout sessions, and the largest financial services exhibitor showcase.
Massachusetts Governor Deval Patrick signed into law yesterday House 3954, An Act Relative to the List of Legal Investments prepared by the Commissioner of Banks. The measure improves the investment authority for state chartered credit unions in three ways.
Over sixty representatives from small credit unions in New England and beyond met in Portsmouth, New Hampshire, to attend the 7th annual Small Credit Union Conference, and thriving-not just surviving-was on the minds of small credit union leaders.
On October 2, the Massachusetts Division of Banks jointly sponsored a regulatory roundtable with the League for Massachusetts credit unions. League President Paul Gentile facilitated this lively session at which member credit unions directed a number of questions on a wide range of subjects to Commissioner David Cotney and members of his senior staff.
The credit unions of Massachusetts, New Hampshire, and Rhode Island will be voting on a plan to merge their three Leagues next month. A voting schedule for each state has been established, which includes the opportunity to vote electronically on a secured website using a unique password or to vote in person at a polling place set in the state in which they are located. (See the schedule shown below.)
NCUA Board Member J. Mark McWatters confirmed that he would not vote in favor of any risk-based capital (RBC) proposal if it does not include a second comment period.
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